Gold trading above 1,320 mark on Tuesday

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Gold held steady on Tuesday as investors swooped in after the metal fell to near five-week lows, while markets wait to see how U.S. nonfarm payroll data due later this week will play into the timing of any rate hike."  
– based on Reuters 

Pair's Outlook 
The yellow metal opened Tuesday's trading session higher than the previous Monday's close, as the metal traded above the 1,320 level on Tuesday morning. It is most likely that the bullion will surge at least to the level of 1,327.75, where the weekly PP is located at. However, gold will probably bounce off the resistance and move lower, as the weekly PP is also supported by the 20 and 55-day SMAs respectively at 1,333.08 and 1,329.49. Due to that, on a daily timeframe the yellow metal's price will remain unchanged.  

Traders' Sentiment 
SWFX trader sentiment remains unchanged on Tuesday, as 54% of open positions are short. In the meantime, 61% of open commands are to buy the yellow metal.
© Dukascopy Bank SA
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